Updated 8:08pm CDT – Friday, June 20 … The Cubs announced Thursday the signing of second round pick RHP Jake Stinnett, fourth round pick LHP Carson Sands, fifth round pick LHP Justin Steele and seventh round pick RHP James Norwood.
The Cubs signed Stinnett to an under-slot bonus, as expected, for $1 million. The Cubs slot value for their second round pick was $1,250,400. So the Cubs were able to save $250,400 to use on later round draft picks.
RHP James Norwood signed for $175,000 … $26,900 less than the $201,900 which is the value of the Cubs seventh round slot.
The Cubs announced the signings of RHP Brad Markey (19th round), SS John Tomasovich (20th round), OF Charles White (21st round), C Tyler Pearson (25th round), RHP Zach Hedges (26th round) and OF Calvin Graves (26th round).
With the bonuses to Kyle Schwarber ($3.125 million), Jake Stinnett ($1 million), Mark Zagunis ($615,000) and RHP James Norwood ($175,000) being under-slot deals, the Cubs will be able to use some of the $1,873,400 saved on the first, second, third and seventh round picks on Carson Sands and Justin Steele. The extra bonuses paid to Sands and Steele total $1,259,100.
The Cubs signed LHP Carson Sands for $1.1 million, which would be $619,000 above the slot allotment of $480,600 for the Cubs fourth round pick. The Cubs agreed to terms with LHP Justin Steele with an over-slot bonus of $1 million. The Cubs slot allotment for their fifth pick is $359,900. So the Cubs paid $640,100 over slot for Steele.
The Cubs signing bonus pool for the first 10 rounds of this year’s draft is $8,352,200 million. If the Cubs sign a player in rounds 11-40 for more than $100,000, the excess is counted against the team’s bonus pool. If the Cubs draft a player in the first 10 rounds they are unable sign, the assigned slot value is removed from their bonus pool allotment.
If a team exceeds its draft pool by 0-5 percent it receives a 75 percent tax on the overage. If a team exceeds its bonus pool allotment by more than five percent and up to 10 percent, the penalty is the loss of a first round pick and a 75 percent tax on the overage. If a team exceeds its bonus pool by 10-15 percent, the penalty is the loss of a first and second round pick, plus 100 percent tax on the overage. If a team exceeds its bonus pool by more than 15 percent, the penalty is two first round draft picks and 100 percent tax on the overage.
Cubs Pick Values and Draft Signings
- Round One (Pick #4) – $4,621,200 – Kyle Schwarber signed $3.125 million
- Round Two (Pick #45) – $1,250,400 – RHP Jake Stinnett signed $1 million
- Round Three (Pick #78) – $714,900 – Mark Zagunis signed $615,000
- Round Four (Pick #109) – $480,600 – LHP Carson Sands signed $1.1 million
- Round Five (Pick #139) – $359,900 – LHP Justin Steele signed $1 million
- Round Six (Pick #169) – $269,500
- Round Seven (Pick #199) – $201,900 – RHP James Norwood signed $201,900
- Round Eight (Pick #229) – $161,800
- Round Nine (Pick #259) – $151,000
- Round Ten (Pick #289) – $141,000
- Round Eleven – $100,000 – RHP Jordan Brink signed $100,000
Rumors and reports have suggested the Cubs have agreed to terms with more of their draft picks than have been announced. Until the team announces the player has been signed, the deal is not official and should be viewed as such. Additional signings are expected to be announced soon.